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Summary
- The stock of genetics research company 23andMe surged 21% in its NASDAQ debut on June 17.
- It merged with VGAC, a special purpose acquisition company, to go public under the ticker name ME on NASDAQ.
- The healthcare company holds an 81% stake in the combined entity.
The stock of genetics research company 23andMe (NASDAQ:ME) has been trending after it debuted on NASDAQ. Its share price surged 21% to US$13.32 on the first day of trading on June 17. The DNA testing company is one of the latest companies to go public via SPAC.
The healthcare company merged with VG Acquisition Corp. (NYSE:VGAC), a special purpose acquisition company backed by Richard Branson’s Virgin Group, on June 16.
ME shareholders will have an 81% stake in the combined entity.
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Source: Pixabay.
The combined entity, named 23andMe Holding Company, expects to bring new personalized healthcare and therapeutic products through genetics research.
The stock was trading at US$13.08 at 9.01 am ET on June 18, down 2.18% from the previous close. Its market cap is around US$846 million.
23AndMe is a genomics company and provides genetic testing services to customers. It analyses saliva samples study people’s ancestry, health issues, and genetic predispositions.
Time magazine had honored the company with the Innovation of the Year award in 2008.
It is the only firm to hold multiple approvals from FDA for genetic research. It has published over 180 reports on gene factors behind a wide range of diseases.
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The company has raised US$592 million to expand its health and therapeutic business - part of this capital will be used for creating a genetic and phenotypic database to accelerate personalized healthcare. Over 11 million people have signed up with 23andMe for gene reports.
